Bitcoin Hits New Record High with Support from BlackRock and Fidelity

Bitcoin (BTC) has reached another all-time high, briefly touching $70,000 on Coinbase. However, it has since settled at $68,357, still up 1.6% in the past 24 hours.

BlackRock and Fidelity’s Massive BTC Purchases

The surge comes amid reports that BlackRock and Fidelity have purchased at least $12.3 billion worth of BTC each on behalf of their clients. According to Arkham Intelligence, BlackRock experienced its largest single-day BTC inflow on Wednesday.

Fidelity’s Growing Bitcoin Holdings

Fidelity is now the sixth-largest Bitcoin holder in Arkham’s database, with over $12.3 billion in BTC under custody. This includes holdings for clients such as Microstrategy and the FBTC ETF.

ETF Leverage Delay

Despite the success of Bitcoin ETFs, leverage options are not expected to be approved anytime soon. The U.S. Securities and Exchange Commission has delayed its decision on two requests to add options to spot Bitcoin ETFs. The agency will have another chance to make a decision on April 24th.